Configure, Price, Quote (CPQ)
In today’s competitive business environment, it is critical to respond quickly and accurately to customer requirements and offer them personalized solutions. In such a context, more and more businesses are turning to CPQ systems, which stands for Configure, Price, Quote. The CPQ system is a specific software that enables faster and more efficient generation of prices for products and services related to business activity.
What is CPQ?
CPQ stands for three key steps in the business process – Configure, Price and Quote. The CPQ system is a software tool that enables fast and efficient processing of these steps when creating business offers for customers. Using the CPQ system, sales teams can easily configure products and services according to the customer’s needs, immediately determine the exact price and then generate professional price offers.
How does the CPQ system work?
The CPQ system is based on defined rules and parameters that determine how a specific product or service can be configured and what the prices are for individual options. Sales teams enter the necessary data from the customer into the system, such as requirements, specifications, quantity and more. Based on this data and CPQ rules, the system instantly calculates the price for the required product or service and generates a professional quote that can be sent to the customer immediately.
CPQ benefits for business operations
- Speed and efficiency: The CPQ system allows the sales team to generate quotes quickly and efficiently. This leads to faster closing of deals and increased customer satisfaction.
- Accuracy: The CPQ system minimizes errors in pricing and creating offers, which ensures accurate and correct offers.
- Personalization: The system makes it possible to easily configure products and services according to individual customer requirements, which increases the probability of closing a deal.
- Elimination of rework: The CPQ system reduces the need for manual adjustments to offers and eliminates unnecessary work.
- Improved management: The CPQ system provides valuable data on sales activity and customer preferences, which enables better management and strategic decision-making.
The CPQ system (Configure, Price, Quote) is an important tool for businesses that improves and automates the process of creating and generating business offers. This software allows you to quickly and accurately configure products and services, set prices and generate professional quotations. The benefits of a CPQ system include speed, efficiency, accuracy, personalization and improved management, making this tool invaluable to modern business operations.